Perhaps the McMansion is indeed making a comeback: a Trulia survey suggests more Americans are looking at bigger homes.
In Trulia’s latest American Dream survey, 17 percent more homebuyers said they envisioned buying 2,600 sq. foot homes this year than in 2011. What’s more, the number of people who set their sights on super-sized digs (3,200 sq. foot-plus) has nearly doubled from 6 percent to 11 percent.
“It turns out that new-home builders spotted this growing appetite for size,” Trulia notes. “The Census recently reported the average home constructed increased from 2,392 square feet in 2010 to 2,480 square feet in 2011.”
The only problem is our eyes might be bigger than our budgets…
There’s also the housing market itself to consider, as Trulia points out:
“Although newly constructed homes are getting bigger, most inventory is existing homes, including foreclosures, and the current inventory of for-sale homes skews smaller than most people’s idea…Meanwhile, the super-sized category –3,200-plus–is pretty much on the money, but the majority of available homes fall in the smaller size categories–800 to 2,000 square feet. That means many Americans may have to downsize their dreams to fit a smaller reality.”
Granted, this is still a small segment of the market (under 20% of homebuyers) but there does appear to be more interest in larger houses. I wonder if this suggests the housing market will continue to be bifurcated: wealthier homebuyers will look for larger new homes with amenities while the lower end buyers will scour smaller homes, short sales, and foreclosures.